Is the Borr Drilling (BORR) share sale a direct or indirect transaction by the director?

The 8,000,000-share sale is reported as an indirect transaction held “By Granular Capital Ltd.” Footnotes explain Granular Capital Ltd is a fund founded and managed by director Thiago Mordehachvili, linking the sale to him through this investment vehicle rather than direct personal ownership.

Granular Capital (BORR) sells 8M Borr Drilling shares, keeps large stake

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Borr Drilling Ltd director Thiago Mordehachvili, through Granular Capital Ltd, reported a large indirect share sale. On June 9, 2026, Granular Capital Ltd sold 8,000,000 common shares of Borr Drilling at $4.70 per share in open-market or private transactions.

After this transaction, Granular Capital Ltd still indirectly held 38,199,677 common shares. The filing also shows a long Contract for Difference referencing 2,000,000 underlying common shares, which has no true maturity date and can be closed at Granular Capital Ltd’s option. In addition, the position includes 54,545 restricted stock units scheduled to vest on September 30, 2026, each representing a right to receive one common share, conditional on continued service as a director.

Insights

Granular Capital’s 8M-share sale is sizable but leaves a large remaining stake.

The filing shows Granular Capital Ltd, a fund founded and managed by director Thiago Mordehachvili, sold 8,000,000 Borr Drilling common shares at $4.70 per share. This is an indirect insider-related sale executed as an open-market or private transaction.

Despite the sale, Granular Capital Ltd continues to hold 38,199,677 common shares indirectly, plus a long Contract for Difference over 2,000,000 underlying shares. Footnotes also disclose 54,545 RSUs vesting on September 30, 2026. The overall filing indicates reduced but still substantial exposure rather than an exit.

Insider Trade Summary

Net Seller: 8,000,000 shares ($37,600,000)

Net Sell 2 txns

Insider Mordehachvili Thiago

Role null

Sold 8,000,000 shs ($37.60M)

Type	Security	Shares	Price	Value
Sale	Common Shares	8,000,000	$4.70	$37.60M
holding	Contract for Difference	--	--	--

Holdings After Transaction: Common Shares — 38,199,677 shares (Indirect, By Granular Capital Ltd); Contract for Difference — 2,000,000 shares (Indirect, By Granular Capital Ltd)

Footnotes (1)

Includes 54,545 restricted stock units (RSUs) that vest in full on September 30, 2026 conditional upon continuing to serve as a Director of the Issuer at the date of vesting. Each RSU represents a contingent right to receive one common share. Granular Capital Ltd is a fund founded and managed by the reporting person. The contract for difference is a long position, has no true maturity date (as it can be rolled over continuously) and can be closed at the option of Granular Capital Ltd.

Key Figures

Shares sold: 8,000,000 shares Sale price: $4.70 per share Shares held after sale: 38,199,677 shares +3 more

6 metrics

Shares sold 8,000,000 shares Common shares sold indirectly by Granular Capital Ltd on June 9, 2026

Sale price $4.70 per share Price for indirect open-market or private sale of common shares

Shares held after sale 38,199,677 shares Indirect common share holdings by Granular Capital Ltd following transaction

CFD underlying shares 2,000,000 shares Underlying Borr Drilling common shares for long Contract for Difference

RSUs outstanding 54,545 RSUs Restricted stock units vesting September 30, 2026, for director service

CFD exercise price $0.00 Contract for Difference reported with exercise price of 0.0000

Key Terms

Contract for Difference, restricted stock units, long position, contingent right, +1 more

5 terms

Contract for Difference financial

"The contract for difference is a long position, has no true maturity date..."

A Contract for Difference (CFD) is a financial agreement where you bet on whether the price of an asset, like a stock or gold, will go up or down. If your prediction is correct, you make a profit; if not, you lose money. It allows you to trade on price changes without actually owning the asset itself.

restricted stock units financial

"Includes 54,545 restricted stock units (RSUs) that vest in full on September 30, 2026..."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

long position financial

"The contract for difference is a long position, has no true maturity date..."

contingent right financial

"Each RSU represents a contingent right to receive one common share."

indirect ownership financial

"direct_or_indirect: "I", nature_of_ownership: "By Granular Capital Ltd""

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Form 4 Insider Transactions: What Each Field Means →

06/10/2026 - 08:03 AM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Mordehachvili Thiago

(Last)

(First)

(Middle)

C/O BORR DRILLING LIMITED

2ND FLOOR 9 PAR-LA-VILLE ROAD

(Street)

HAMILTON

HM11

(City)

(State)

(Zip)

BERMUDA

(Country)

2. Issuer Name and Ticker or Trading Symbol
Borr Drilling Ltd [ BORR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol
[BORR]

3. Date of Earliest Transaction (Month/Day/Year)
06/09/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares	06/09/2026	06/10/2026	S		8,000,000	D	$4.7	38,199,677⁽¹⁾	I	By Granular Capital Ltd⁽²⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Contract for Difference	⁽³⁾							⁽³⁾	⁽³⁾	Common Shares	2,000,000		0	I	By Granular Capital Ltd⁽²⁾

Explanation of Responses:

1. Includes 54,545 restricted stock units (RSUs) that vest in full on September 30, 2026 conditional upon continuing to serve as a Director of the Issuer at the date of vesting. Each RSU represents a contingent right to receive one common share.

2. Granular Capital Ltd is a fund founded and managed by the reporting person.

3. The contract for difference is a long position, has no true maturity date (as it can be rolled over continuously) and can be closed at the option of Granular Capital Ltd.

Remarks:

	/s/ Temi Bankole as attorney-in-fact	06/10/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Borr Drilling (BORR) report for Granular Capital Ltd?

The filing reports Granular Capital Ltd, founded and managed by director Thiago Mordehachvili, sold 8,000,000 Borr Drilling common shares at $4.70 per share. This was an indirect open-market or private transaction linked to the director through the fund’s management.

How many Borr Drilling (BORR) shares does Granular Capital Ltd hold after the sale?

After selling 8,000,000 shares, Granular Capital Ltd indirectly holds 38,199,677 Borr Drilling common shares. This indicates the fund remains a large shareholder even after the transaction, maintaining substantial exposure to the company’s equity through its remaining indirect stake.

What is the Contract for Difference disclosed in the Borr Drilling (BORR) Form 4?

The Contract for Difference is a long position referencing 2,000,000 underlying Borr Drilling common shares. It has no true maturity date, can be rolled continuously, and may be closed at Granular Capital Ltd’s option, adding derivative exposure alongside direct share ownership.

What restricted stock units (RSUs) are reported for Borr Drilling (BORR) director Thiago Mordehachvili?

The filing notes 54,545 restricted stock units that vest in full on September 30, 2026. Vesting is conditional on continuing to serve as a director, and each RSU represents a contingent right to receive one Borr Drilling common share upon vesting.